Sterling Up on Stimulus Hopes, Risk Sentiments Improve

Updated 11:21AM 17/02/2020

CAD and AUD are the top G10 FX gainers today, up 0.19% and 0.18% vs the dollar while NOK and GBP are the top losers, down -0.13% and -0.11% vs the dollar. Euro remained near three-year lows as the market was worried weak growth in the eurozone. Chinese actions to limit the impact of a coronavirus has helped calm markets with the yuan and Aussie to dollar rate improving. Sterling was buoyant after investors expected loose financial conditions under Britain's new chancellor of the exchequer. In the Asian equities space, the Nikkei 225 closed -0.69% at 23,523.24, Hang Seng closed 0.52% at 27959.6 and Kospi ended -0.06% at 2242.17. The European equities were trading firm with the FTSE up +0.29% at 7430.39, DAX up +0.21% at 13773.6, and CAC up +0.15% at 6078.5. In the rates market, global yields were trading mixed; the US 10-year yield was trading at nan% and the Bund 10-year yield trading at -0.403%. In the energy space, the Brent (front month) is trading down (-0.05%) for the day at $57.29.

 

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Forex Chart and Technical Analysis

 

EURUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.0853 for 1.0806
Short-term view: EUR/USD resistance comes in at 1.0853, MACD below zero and RSI is below 50. Hence we see a downside to 1.0806. Above 1.0853 to open 1.0874

 

GBPUSD Chart (Two-week)

 
 

Strategy: Support at 1.3019 for 1.3144
Short-term view: GBP/USD support comes in at 1.3019, MACD crossover suggests a bullish bias and RSI is above 50. Hence we see an upside to 1.3144. Below 1.3019 to open 1.2968.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 110.08 for 109.37
Short-term view: USD/JPY resistance comes in at 110.08, MACD crossover suggests a bearish bias and RSI is below 50. Hence we see a downside to 109.37. Above 110.08 to open 110.33.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Support at 0.6718 for 0.6741
Short-term view: AUD/USD support comes in at 0.6718, MACD crossover suggests a bullish bias and RSI is above 50. Hence we see an upside to 0.6741. Below 0.6718 to open 0.6704.

 
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